Tagged: silver

Crown Gold Corporation (“Crown” or the “Company”) (TSX VENTURE:CWM) is pleased to announce assays from recent channel sampling of a well-exposed quartz vein on its McKenzie Island property at Red Lake in northwestern Ontario.

Individual channel samples on two segments of the vein assayed up to 122 g/t gold (3.57 ounces/ton) over 0.5 m with most samples (8 out of 14) returning assays greater than 8 g/t gold. Selected channel assay results are tabulated below. Channels CC-05 to CC-16 are sequential along a 25-m segment of vein, while adjacent channels CC-23 and CC-24 are approximately 4 m apart on a vein segment about 45 m to the NNW. Widths are horizontal and approximately 97% of true widths. The segments occur within a 90-m strike length of exposed shearing with quartz veining.

Crown Gold Corporation (“Crown Gold”) is pleased to announce today that the arrangement (the “Arrangement”) involving Crown Minerals Inc. (“Crown”) and Gold Summit Corporation (“Gold Summit”) to form Crown Gold has been completed.

1. Terms of the Arrangement

Pursuant to a plan of arrangement completed under the Canada Business Corporations Act, each one (1) Gold Summit common share (“Gold Summit Share”) has been automatically converted into one and sixty-five hundredths (1.65) Crown Gold common shares (” Crown Gold Shares”) and each one (1) Crown Class A common share (“Crown Share”) has been automatically converted into one (1) Crown Gold Share (collectively, the “Share Ratio”). As a result, former Crown shareholders will receive approximately 37,841,632 Crown Gold Shares, or approximately 59.9% of the issued and outstanding Crown Gold Shares, and former Gold Summit [...]

Crown Minerals Inc. (“Crown”) and Gold Summit Corporation (“Gold Summit”) are pleased to announce that the amalgamation of Crown and Gold Summit to be implemented by way of a plan of arrangement (the “Arrangement”) under the Canada Business Corporations Act has been approved by 100% of the votes cast by Crown’s shareholders at the annual and special meeting of Crown’s shareholders held today, August 24, 2010, and by 99.17% of the votes cast by Gold Summit’s shareholders at the annual and special meeting of Gold Summit’s shareholders held today.

Subject to the satisfaction or waiver of all other conditions to closing, including the final approvals of the Ontario Superior Court of Justice (Commercial List) and the TSX Venture Exchange, Crown and Gold Summit expect the Arrangement to become effective on or [...]

Toronto, Ontario and Reno, Nevada: April 15, 2010. Crown Minerals Inc. (“Crown”) (TSX.V:CWM) and Gold Summit Corporation (“Gold Summit”) (TSX.V:GSM) are pleased to announce that they have reached an agreement in principle to combine the two companies on the basis that one (1) Gold Summit share will be exchanged for one and sixty-five hundredths (1.65) Crown shares. Based on the share exchange ratio, the Crown and Gold Summit shareholders will own approximately 58% and 42%, respectively, of the combined common shares outstanding.

GSM currently explores primarily in Nevada for high grade gold and gold/silver deposits that would support underground, low cash cost operations. GSM has recently filed new NI 43-101 compliant technical reports announced resources at the Monte Cristo and Sugarloaf Peak (Tip Top) properties and holds part of four more [...]

Gold Summit Corporation (“GSM” or the “Company”) announces that it has closed the second and final tranche of a non-brokered private placement announced on March 17, 2010 (the “Offering”). The Company received aggregate gross proceeds of $150,000 and issued 1,200,000 units at a price of $0.125 per unit. Each unit consists of one common share and one common share purchase warrant exercisable for 24 months at $0.20 per share. On closing the second tranche, GSM issued 400,000 units for gross proceeds of $50,000. The common shares and warrants comprising the units issued under the Offering will be subject to a four-month and one day hold period, pursuant to TSX Venture Exchange rules and applicable securities legislation, ending on August 9, 2010.

GSM plans to use the funds to make annual option [...]

OPTIONS SHANTY BAY PROSPECT EAST OF RED LAKE

Gold Summit Corporation (“GSM” or the “Company”) announces that it has closed the first tranche of a non-brokered private placement (the “Offering”) of up to 1,520,000 units at a price of $0.125 per unit. Each unit will consist of one common share and one common share purchase warrant exercisable for 24 months at $0.20 per share. GSM may pay finder’s fees in connection with this financing.

Further to the closing of the first tranche of the Offering, GSM will issue 800,000 units and received gross proceeds of $100,000. The common shares and warrants comprising the units issued under the Offering will be subject to a four-month and one day hold period, pursuant to TSX-V rules and applicable securities legislation, ending on July 162010.

GSM plans [...]

Gold Summit Corporation (“GSM” or the “Company”) announces that it has signed an agreement to option the Tabour Lake greenstone gold prospect located in Melgund Township, Kenora Division, Ontario, and consists of 23 units.

The property surrounds the old Sakoose mine where past production of 8,000 tons at a grade of 16 g/t gold is recorded from three shallow shafts in the early 1900’s. Subsequent intermittent underground and surface exploration has traced gold mineralization approximately 200 metres down a west-south-west plunging shoot. A total of 20 drill intercepts have intersected widths (not true) ranging between 6.8 and 0.27 metres with grades ranging between 0.6 to 146 g/t gold, according to a compilation of previous drill results by the Ontario Geological Survey. The mineralized shoot is open down plunge to the south [...]

Gold Summit Corporation (“GSM” or the “Company”) announces that it has received preliminary results from the new SURPAC block model of the McLean Lode at Monte Cristo, forming part of a National Instrument 43-101 (“NI 43-101”) compliant technical report to be posted on SEDAR within 45 days of this announcement.

At a 1.0 g/t gold cut off, the inferred global resource amounts to 278,923 ounces of gold contained in 1,923,391 tonnes at a grade of 4.51 g/t gold. At a 5.0 g/t gold cut off, the inferred global resource amounts to 173,939 ounces gold contained in 364,767 tonnes at a grade of 14.83 g/t gold. Additional variography and statistical studies are in progress to produce resource estimates at 2.0, 3.0 and 4.0 g/t cut off grades.

Gold Summit Corporation (“GSM”) or the “Company”) has completed a 43-101 compliant study of the gold resource at the old Tip Top mine, within the Sugarloaf Peak Prospect in Esmeralda County, Nevada, acquired by the company in July this year (release July 10, 2009).

The study is based on 138 exploration holes, totalling 7,351 metres, drilled from 1980 to 2004 by five exploration or mining companies, including Gold Summit. The estimate of the gold resource, the bulk of which lies within 200 feet of surface, at a 1 g/t cut-off grade, is:

INDICATED GOLD Metric Units Imperial Units Cut-off Grade Tonnes GPT Total Gold (grams) Cut-off Grade Tons Oz/t Total Gold (oz) 1.0 gpt 352,922 3.274 1,155,467 0.03 oz/t 388,920 0.096 37,181 INFERRED GOLD Metric Units Imperial Units Cut-off Grade Tonnes GPT Total Gold (grams) Cut-off Grade Tons Oz/t Total Gold (oz) 1.0 gpt 293,312 2.473 725,361 0.03 oz/t 323,230 0.072 23,341

 

The Tip Top Mine mineralized vein has an identified strike-length of 370 m. The vein system in the [...]

Gold Summit Corporation (“GSM” or the “Company”), operator on behalf of joint venture partner Canada Lithium Corporation (“CLQ”) has recommenced field work exploring for lithium brine deposits in south west Nevada. Canada Lithium holds a 75% interest in the joint venture and Gold Summit 25% (see news release March 9, 2009).

On the Paymaster property in Esmeralda County site selection and drill permit applications are underway to drill test hole to approximately 400 metres. The objective of the drilling is to locate intrabasinal aquifers and sample and assay any brines encountered. Drilling bids are being solicited for a planned start in late September.

Field work and data studies are underway in a number of other basins in south west Nevada that were selected from field and office studies undertaken in 2008. This [...]